Blockchain company Spirit announces Dogecoin yield generation strategy

Spirit Blockchain Capital, a blockchain-focused investment firm publicly traded on the Canadian Securities Exchange, has announced a return generation strategy targeting Dogecoin holdings.

The announcement comes after Spirit recently acquired Dogecoin Portfolio Holdings Corp., a blockchain startup focused on Dogecoin (DOGE) and related assets. Dogecoin Portfolio Holdings operates independently of Memecoin’s core blockchain operations but manages a portfolio aimed at creating value within the Dogecoin ecosystem.

Spirit Blockchain Capital’s activities include cryptocurrency investments, blockchain consulting and advisory, crypto mining and lending. The Dogecoin initiative forms part of the company’s efforts to maximize the utility and performance of its digital asset trove.

A return-generating strategy will deliver value to shareholders, increase operational efficiency and encourage the adoption of decentralized finance products, the company said in a Jan. 2 press release.

The focus on DOGE is in line with the bullish outlook for the meme coin and the broader crypto market. Whale accumulation, growing real-world payment use cases, institutional interest, and technical forecasts all point to the DOGE market being bullish. Spirit aims to capitalize on these trends.

“By enabling the yield creation strategy with Dogecoin, we aim to unlock a previously untapped revenue stream while positioning ourselves as the market leader in yield creation not only for Dogecoin but also for the broader digital asset space within the public sector,” Lewis Bateman said. CEO of Spirit Blockchain Capital noted:

In the future, Spirit plans to expand its yield strategy to other assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL).

The initiative is part of a long-term strategy to diversify revenue streams, increase shareholder value and develop the market for tokenized financial products. Canada-based Cypherpunk adopted a similar strategy for Solana, rebranding as Sol Strategies in September 2024.

Dogecoin traded around $0.33 and became the seventh largest cryptocurrency with a market capitalization of over $49 billion.